U.S. futures higher, earnings in focus; Dow Jones up 0.22%
Published May 07, 2013 06:53AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.22% increase, S&P 500 futures signaled a 0.12% gain, while the Nasdaq 100 futures indicated a 0.19% rise.
ECB President Mario Draghi said the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed, suggesting that the bank could cut rates further in order to support the euro zone economy.
In a speech in Rome, Draghi said last week’s rate cut by the ECB was due to the economic slowdown in the euro zone affecting core economies and urged governments to make fiscal consolidation a priority.
Software companies were expected to remain in focus, following reports BMC Software agreed to be taken private in a USD6.9 billion deal by Bain Capital LLC and Golden Gate Capital.
Shares in BMC slid 0.42% in after-hour trade.
Also in the tech sector, Microsoft edged down 0.09% in extended trading, after the Financial Times reported that the company is preparing to reverse course over key elements of its Windows 8 operating system, marking one of the most prominent admissions of failure for a new mass-market consumer product.
Among Internet-linked stocks, Google's YouTube was reportedly planning to offer paid subscription channels over the next few weeks, expanding the choices for television viewers beyond traditional pay-TV packages.
Financial stocks were also likely to be in focus, following strong gains in European lenders, following the release of a string of earnings reports.
In addition, Bank of America agreed to pay USD1.6 billion in cash to bond insurer MBIA and will receive the right to buy a 4.9% stake in the bond insurer to resolve long-running litigation.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 gained 0.56%, France’s CAC 40 advanced 0.40%, Germany's DAX jumped 0.83%, while Britain's FTSE 100 climbed 0.43%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.58%, while Japan’s Nikkei 225 Index surged 3.58%.
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Written By: Investing.com
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